Economic Policy Development

Download A vision for the world economy: openness, diversity, and by Robert Z. Lawrence PDF

By Robert Z. Lawrence

ISBN-10: 0815751842

ISBN-13: 9780815751847

In this capstone quantity within the INE sequence, the authors assessment the turning out to be strain for deeper overseas integration, discover the strengths and weaknesses of other ways to facing those pressures, and current concrete proposals to assist in achieving an international neighborhood that might stability openness, variety, and team spirit. A quantity of Brookings' Integrating nationwide Economies sequence

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Extra info for A vision for the world economy: openness, diversity, and cohesion

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2 Driven by the need for containment of the Soviet threat, international governance in the West after World War II encompassed extensive military cooperation, particularly in NATO. Page 5 GATT sought to achieve free trade and to obtain nondiscriminatory treatment for foreign goods, but it did not try to harmonize or even to constrain domestic economic policies. Similarly, the Fund emphasized fixed exchange rates and sought to avoid national controls on foreign exchange. But it gave nations considerable latitude in implementing domestic macroeconomic policies and did not try to coordinate international macroeconomic policies.

Under the Bretton Woods system, a 5 percent shift in currency values was a major international event. International markets achieve such changes now in a matter of days and sometimes minutes. Markets pass judgment on government actions continuously, judgments that governments ignore at their peril. The first effect of the operation of global markets is therefore increased volatility. By their reactions and their natural tendency Box 1-2. Scapegoating It is tempting to blame globalization for all manner of domestic failures.

On September 22, 1985, monetary authorities from the United States, the United Kingdom, Japan, Germany, and France met at the Plaza Hotel in New York City, agreed that the dollar was overvalued, and launched a program of monetary coordination to reduce its value. In the following months the United States lowered its domestic interest rates and Japan and Germany raised theirs. The Louvre accord, concluded in February 1987, initiated a period with target zones for exchange rates. The five Plaza accord nations plus Canada and later Italy agreed to keep their currencies within an unannounced band.

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